Value Of Worldwide Business-to-Business Blockchain Volume Set To Hit $4.4 Trillion By 2024
According to new research by Juniper Research, the global blockchain-based transactions in the world are set to hit $4.4 trillion before 2024. The research also indicates that the transactions will hit the $171 billion mark by the end of this year, Cointelegraph reports.
The Juniper Research report shows that financial companies that will adopt blockchain-based financial systems will have an upper hand in saving about $7 billion before 2024.
The author of the research, Morgane Kimmich, said:
“The implementation of blockchain is part of a wider strategy for financial institutions to digitally transform operations. Blockchain will enable stakeholders to reduce operational costs in a competitive market that is becoming increasingly COMMODITIZED.”
As per the report, IBM is ranked as the first firm when it comes to blockchain solutions followed by Infosys Finacle, (an Indian financial service provider). Ripple and R3 are also some of the highly ranked blockchain-based companies by the report.
IBM was ranked first due to its many blockchain-based solutions as well as a wide clientele, while Infosys Finacle is credited for being a leading blockchain-based financial services provider serving various financial institutions in the world.
The race to take over the cross-border payments market is very tight but Ripple is currently driving the market and has partnered with more than 200 financial institutions in this year alone. However, the company is experiencing an intense rivalry from Visa as well as IBM as the two companies have introduced B2B services in the recent past.
The two tech giants are trying to exploit their worldwide as well as their global networks to become the dominant players in the sector. In the recent past, UK-based financial institution, Finastra, signed an agreement with Ripple to become one of the members of RippleNet for faster cross-border transactions.